Louisiana Revised Statutes 11:951.87 – Return of accumulated contributions upon termination of employment; death of beneficiary
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Terms Used In Louisiana Revised Statutes 11:951.87
- Accumulated contributions: means the sum of all regular contributions, plus regular interest thereon, placed to the credit of the participant in the annuity savings account. See Louisiana Revised Statutes 11:951.1
- Board of trustees: means and includes the members of the board of trustees of the retirement system. See Louisiana Revised Statutes 11:951.1
- Employee: means any person regularly employed in any capacity under the control of the Orleans Parish School Board who is not a teacher or whose legal employment does not require the holding of a teacher's certificate, including employees of the public school lunch department, all skilled and unskilled employees of the maintenance department, managers, custodians, subcustodians, and others who are not temporarily employed, and are paid out of funds under the control of the Orleans Parish School Board, who are not now eligible for membership in any other retirement system created or established by the State of Louisiana or any of its political subdivisions. See Louisiana Revised Statutes 11:951.1
- Participant: means any employee who is entitled to the beneficial provisions of this retirement system. See Louisiana Revised Statutes 11:951.1
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Regular interest: means interest compounded annually at such rate as shall be determined by the board of trustees. See Louisiana Revised Statutes 11:951.1
- Retirement: means withdrawal from active service with a retirement allowance allowable under the provisions of this Part. See Louisiana Revised Statutes 11:951.1
- Service: means service rendered by an employee as herein defined. See Louisiana Revised Statutes 11:951.1
A. Should a participant cease to be an employee except by death or retirement under the provisions of this Part, he shall be paid his accumulated contributions including regular interest standing to the credit of the participant in the annuity savings account.
B. Upon the proper proofs of the death of a participant in service there shall be paid to any person as he shall have nominated by written designation acknowledged and filed with the board of trustees, otherwise to his succession, the amount which would have been payable to him, had he ceased to be a participant as provided in the preceding paragraph.
Redesignated from La. Rev. Stat. 17:1127 pursuant to La. Rev. Stat. 24:253.